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2 convicted in multi-million mortgage fraud case

The former president of the Iowa Association of Mortgage Brokers was convicted Wednesday by a federal jury of 18 counts of wire and bank fraud.

Paul Kramer, 42, of Granger,was found guilty in connection with the multi-million dollar mortgage fraud case.

Kramer is the former President of the Iowa Association of Mortgage Brokers and owned Kramer Mortgage Company and Iowa Closing and Escrow.

Lane Anderson, 38, of Altoona, was also convicted of wire and bank fraud in connection with the case.

Authorities said Kramer and Anderson worked together to obtain nearly $1.5 million in mortgage loans using the name and credit score of a contractor who did not actually qualify for the loans.

They said the two misapplied millions of dollars in mortgage payoffs that lead to at least five families being put in jeopardy of foreclosure.

Kramer and Anderson are expected to be sentenced in March 2013.

Each count of wire fraud and bank fraud is punishable by up to 30 years in prison and a fine of up to $1 million.

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